Cardinal is Now Dual-Listed on ASX and TSX

TORONTO, ONTARIO--(Marketwired - July 10, 2017) - Cardinal Resources Limited ("Cardinal" or the "Company") (ASX:CDV)(TSX:CDV) is pleased to announce that the Company's ordinary shares will commence trading on the Toronto Stock Exchange (the "TSX") under the same symbol "CDV" at the start of trading on the TSX on July 10, 2017.

Archie Koimtsidis, CEO and MD of Cardinal, stated:

"The entire Team is very pleased to be listed on the TSX as well as the ASX as it will provide the Company with a broader awareness of our significant gold discovery and development in Ghana on two high quality stock exchanges for trading. The listing on the TSX is another important milestone achieved by Cardinal for all stakeholders as we continue to explore and develop the expanding Namdini Gold Deposit.

"Our TSX Listing is timely given the substantial amount of activity planned, including the finalization of the Scoping Study/Preliminary Economic Assessment on our Namdini Gold Project which is due late Q3 - 2017.

"With our Ghana-based projects and our well-rounded Board and Executive Team in Toronto, we believe the TSX listing will enhance the Company's support by the North American and Australian Investment Communities."

Appendix 1 below outlines instructions on how to transfer shares between the ASX and the TSX. The Final Prospectus has also been filed with the ASX and is available on the Company's SEDAR profile accessible at www.sedar.com.

Appendix 1

Cardinal's share registry is managed by:

In Australia:

Computershare Investor Services Pty Ltd

Level 11, 172 St Georges Terrace

Perth WA 6000

P: + 61 8 9323 2000

F: + 61 8 9323 2033

In Canada:

Computershare Investor Services Inc.

100 University Avenue, 8th Floor

Toronto, Ontario M5J 2Y1

Canada

P: + 1 800 465 6253

Shares can be held electronically with a registered Canadian broker, custodian or CDS participant ("Canadian Broker") in the Canadian Depository for Securities ("CDS") or in certified form and registered directly on the Company's register, in the shareholder's name.

Shareholders that wish to trade on the TSX must have a Canadian Broker and shareholders that wish to sell existing holdings acquired through the ASX must first transfer their holdings from Computershare's Australian Share Register to Computershare's Canadian Share Register.

Please note that only ordinary shares can be transferred to Canada and traded on the TSX.

Transferring Shares from Australia to Canada

1. Transferring shares to a Canadian Electronic Holding (CDS):

An Australia to Canada Removal Form is completed by the shareholder indicating:

• A CDS deposit reference ID. This is a reference number that is generated after the Canadian Broker keys the CDS deposit.
• The Canadian Broker's firm name, contact name and contact phone number.

2. Transferring shares to a certified holding:

An Australia to Canada Removal Form is completed by the shareholder indicating:

• The registered name and address to appear on the Canadian register.
• Certificate delivery instructions, if different from the registered address.

The shareholder's issuer sponsored statement and Removal Form should be faxed, scanned or sent by mail to:

Computershare Limited Global Transactions

PO Box 103

Abbotsford Vic 3067

Fax: +61 (3) 9473 2442

Email: gtuau@computershare.com.au

Transferring securities from Canada to Australia

1. Shares held in the Canadian Depository for Securities (CDS):

The Canadian Broker details the following information within Computershare's xSettle site (a Canadian Broker internet site, with which Canadian Brokers are familiar):

• CDS Withdrawal Reference ID - the CDS Withdrawal Reference ID that is generated after the CDS Withdrawal has been keyed. The CDS Withdrawal should be keyed with the following information:
  • Window location "OTH" should be selected.
  • In the memo field state "CAN to AU movement - no certificates required".
• Registered Name and Address to appear on the AU register.
• If the shares are to be held by an AU Custodian/Broker in CHESS, the AU Custodians/Brokers CHESS PID and the CHESS HIN must be supplied.

2. Shares Represented by a Physical Share Certificate:

A Canada to Australia Removal Form is completed by the shareholder and sent, together with the share certificate, to Computershare Canada using the following address:

Computershare Investor Services Inc.

100 University Avenue, 8th Floor

Toronto, Ontario, Canada

M5J2Y1

Attn: Transfer Team

Fax: 416 263 9394

Toll Free Fax: 1 888 453 0330

Email: globaltransactionteam@computershare.com

It is recommended that shareholders submit their forms utilizing registered mail or courier service is used.

Forward-Looking Statements

Certain statements in this news release constitute forward-looking information under applicable Canadian securities laws. These statements relate to future events or future performance and include, but are not limited to, the listing of ordinary shares on the TSX and benefits thereof, the time that ordinary shares will begin trading on the TSX, the ability of shareholders to trade their shares on the TSX and the finalization of the Scoping Study/Preliminary Economic Assessment on the Company's Namdini Gold Project. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "objectives", "strategies", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon.